- QNT nears $120 resistance as trading volume jumps nearly 98% in bullish surge
- Bullish MACD crossover and strong RSI hint at continued upward momentum
- Short liquidations dominate, signaling a potential short squeeze-led breakout
Quant (QNT) is showing renewed signs of strength as it edges closer to the $120 psychological resistance. After opening the day on June 9 at $113.89, QNT steadily gained momentum, climbing over 4.6% to reach $119.23.
This surge is accompanied by a remarkable 97.79% increase in 24-hour trading volume, now totaling $21.39 million. Such a rise in volume signals intensified interest from traders and sets the stage for a potential breakout if bullish pressure holds.
The strong daily performance comes amid broader optimism in the altcoin market. QNT’s recent upward move reflects increased market participation and buying interest, likely spurred by improving sentiment and technical signals. Although the price has yet to convincingly break through the $120 mark, its current setup suggests that the bulls are preparing for another leg higher.
Technical Setup and Key Levels to Watch
QNT is currently navigating a critical price region. The $119.20 to $119.50 range presents immediate resistance. This is the area where price has stalled today. A clean breakout above this zone could open the path to higher targets, possibly reaching $123 or beyond in the coming days.
On the downside, the day’s low of $113.89 now serves as an important support. Additionally, the $116.00 to $117.00 range, where price briefly consolidated after the morning rally, is likely to offer intermediate support. If a pullback occurs, buyers might step in at those levels.
Momentum indicators provide further context. The MACD line remains above the signal line at 6.45 versus 6.11. This bullish crossover suggests that upward momentum is intact. Meanwhile, the RSI stands at 66.49, nearing overbought territory. While not signaling immediate danger, it does hint at potential short-term consolidation before any continued move higher.
Liquidations Show Short Squeeze Pressure
Recent liquidation data reveals a strong bias toward short liquidations, amounting to $19.7k out of a total $26.1k in 24 hours. Longs accounted for just $6.4k. Binance was the leading platform for these liquidations, suggesting that traders betting against QNT were caught off guard. This wave of short liquidations likely fueled part of today’s upward push.
